In his latest commentary to help finance companies generate the most revenue and penetration out of the sale of add-on products, FNI Inc. president David Bafumo considered exactly what kind of consumer ends up buying these products in conjunction with their vehicle purchase. To pinpoint who these potential buyers are, Bafumo returned to a Center […] [Read More]

Consumer Portfolio Services chairman and chief executive officer Brad Bradley repeated the formula the company needs to reach a $2 billion portfolio: purchase $125 million worth of vehicle contracts each month. Simple enough, right? Well, Bradley acknowledged the path to reach that level isn't easy, and CPS might not hit the target until 2015. "In […] [Read More]

The combination of two recent events — regulator enforcement action against Ally Financial and a study by a powerful consumer group — prompted FNI Inc. president David Bafumo to outline five points auto finance companies can consider when pricing add-on products. Those five points included: —Auto finance providers with captive products are ahead of the […] [Read More]

Compliance consulting company Auto Advisory Services announced who will become its new president while also revealing on Thursday that current president and principal Rob Cohen will remain as chairman. Joining AAS from the California New Car Dealers Association is Jonathan Morrison, who will take over the president post on March 17. Morrison has been with […] [Read More]

With the sale of the vehicle financing company influencing some of its bottom-line performances, Nicholas Financial purchased more contracts during the third quarter of its current fiscal year as compared to a year earlier. The company brought in 3,426 contracts into its portfolio during Q3 that totaled up to be $36.24 million. Those figures are […] [Read More]

Huntington Bank is bullish about its vehicle financing opportunities this year after upbeat results from its yearly survey to gauge sales potential in the Midwest. The company's second annual Midwest Economic Index indicated that 22 percent of consumers in the states of Ohio, Michigan, West Virginia, Indiana along with individuals in western Pennsylvania are considering […] [Read More]

If you attended last month's National Automobile Dealers Association Convention & Expo or have simply been following industry news, you know that compliance is this year's hot topic. In the first quarter of 2013, the Consumer Financial Protection Bureau threw a monkey wrench into standard auto financing practices, causing everyone to rethink the way they […] [Read More]

In new survey results released today that looked at how married and divorced people deal with credit and debt that can include auto loans, Credit.com found that almost half (49 percent) of currently married couples reported their credit scores to be about the same as their partners, while only 26 percent of divorced couples said […] [Read More]

As the graduation for the first Auction Academy class nears, a similar program for dealers was announced Wednesday. The American International Automobile Dealers Association revealed  a new program designed to engage up-and-coming dealers and future industry leaders. AIADA described its new Rising Dealers Network as “an initiative aimed at engaging up-and-coming members of the international […] [Read More]

It’s not yet clear how extensively financing legislation in recent years will end up impacting the used-car dealer industry, but market research from IBISWorld suggests that during the next five years, used dealers will find some promise in the lease-here, pay-here market. Additionally, there could be more good news in store for the overall used-car […] [Read More]